Saudi Arabia Financial News

DSV A/S and CVC Capital Partners Plc are seen as the leading contenders for Deutsche Bahn AG’s logistics unit DB Schenker after AP Moller-Maersk A/S dropped out of the running, according to people familiar with the matter. Binding bids are expected to be submitted in August, the people said, asking not to be identified because the information is private. CVC has offered to let the German government or related fund keep around a 20% stake in the unit and benefit from any future upside, according to the people. Rival bidder DSV could link DB Schenker into its freight forwarding technology system, seen as one of Europe’s largest platforms, the people said. The Danish company has made a number of acquisitions in recent years, often raising the group’s combined profit margins once a takeover is digested.

Abdulaziz Almuzaini whose animated show on OTT platform Netflix has won laurels is now facing the prospects of a long prison term on the charges of terrorism. His animated series on Netflix is known for breaking social taboos related to the kingdom. However, an anti-terrorism court deemed certain tweets of his to be an act of terror and has now sentenced him to a prison term. This has raised concerns among various human rights groups who have called for his unconditional release. He had recently secured a contract from Netflix to work on his content which is popular across the world.

By Simran Arora and Chris Warner

Delta Air Lines has struck a deal with a start-up airline to operate flights between the United States and Saudi Arabia

China has reported its auto sales slumped in June as the domestic economy remained sluggish, but buoyant exports offset the decline at home

It isn’t hard to understand that global warming is already changing how we live. In India’s capital, New Delhi, this summer has been so hot—above 40° Celsius even at night—that people are gasping, tap water is scalding and the walls of their homes emit heat like radiators. The Saudi Arabian authorities said that 1,300 pilgrims have already died on this year’s Hajj.

dangerous levels of heat. This year is no exception—indeed, it carries the trend further. In Saudi Arabia more than 1,300 pilgrims died during the hajj , the pilgrimage to Mecca, as temperatures exceeded 50°C.

The winner of Iran’s presidential election will inherit domestic discord and an economy battered by sanctions, but also a strength: Tehran has more sway on the international stage than in decades. Iran, under Supreme Leader Ali Khamenei’s leadership, thwarted decades of U.S. pressure and emerged from years of isolation largely by aligning itself with Russia and China, giving up on integration with the West and throwing in its lot with two major powers just as they amped up confrontation with Washington.

₹2.4 billion ($29 million) at the box office, making it the highest-grossing Malayalam movie ever and the third-most successful film in India in 2024 so far. Unlike other national hits, the film’s cast is relatively unknown and its plot is unusual (the survival thriller, based on a true story, follows a group of boys trying to rescue their friend who is trapped in a cave). In its simplicity and parsimony—it cost ₹200 million to make—“Manjummel Boys" stands in stark contrast to “Fighter", Bollywood’s biggest hit of the year to date.

engineering exports bounced back in May 2024 and recorded 7.39% year-on-year growth to $9.99 billion. In April this year, engineering exports registered a 4.49% decline compared to the previous fiscal period. Significant export growth was noted in West Asia and North Africa (WANA), Latin America, and European countries outside the European Union (EU) during May this year. Exports to the EU declined significantly during this period.

India-Middle East-Europe Economic Corridor (IMEC) will prove to be one of the «biggest game-changers» of the 21st century, President Droupadi Murmu said in Parliament on Thursday. She also said the global order is taking a «new shape» and that the government's efforts are resulting in «Bharat» giving a new confidence to the world as a «Vishwa-Bandhu» (friend of the world). In her address to a joint sitting of the Parliament, Murmu said India today is the first responder in any crisis and has become a strong voice of the Global South in view of its human-centric approach. Outlining priorities of the Modi government in the foreign policy domain, the president said India is giving great emphasis on connectivity.

₹422.95 apiece on the BSE.Emkay Global assigned a ‘Buy’ rating to Man Industries (India) shares with a target price of ₹500 per share, implying a 27% upside.Man Industries stock price has more than doubled within one year, reflecting improved business fundamentals as well as greater visibility on execution of its announced expansion plans. Also, industry tailwinds in the form of demand growth for pipes as well as capacity growth by peers have provided meaningful clarity on Man Industries charting a similar path, analysts said.Also Read: Jio tariff hike impact: Reliance, Bharti Airtel jump, Vodafone Idea share falls 2.5%“We reckon the optimism around such tailwind and growth aspirations are mostly in the price = ‘potential’.

India is keen to fast-track longstanding talks with Sri Lanka on setting up a power grid link between the two neighbours for electricity trading, especially renewable energy. The aim is to eventually sign a memorandum of understanding between state-owned Power Grid Corporation of India and Sri Lanka's Ceylon Electricity Board, said people familiar with the matter. «Discussion is still going on with the Sri Lankan government on the grid connectivity project,» an Indian government official said. The grid connectivity project is being planned through both overhead and under-sea cables, a second official added. Power Grid didn't respond to ET's queries.

dangerous levels of heat. This year is no exception—indeed, it carries the trend further. In Saudi Arabia more than 1,300 pilgrims died during the hajj , the pilgrimage to Mecca, as temperatures exceeded 50°C.

crude oil after reassurance from Saudi Arabia and its OPEC⁺ allies that any planned future increases in production would be contingent on market conditions. Last week hedge funds and other money managers turned their attention to boosting Brent positions, after a large jump in NYMEX and ICE WTI the week before, according to records filed with exchanges and regulators.

Foreign and Commonwealth Office (FCO) has issued a warning after more than 14 cases of meningococcal disease were detected in those who were returning from Saudi Arabia after undertaking the Umrah pilgrimage. The Travel Health Pro website which is supported by the FCO listed down these cases and revealed that as of June 21, a total of 5 such cases were reported from the US, four in France, three in the UK and one each in Norway and in the Netherlands. The situation is being monitored by the health authorities in the UK. Invasive meningococcal disease is a significant cause of meningitis and septicaemia. It is a bacterial infection which results in the death in one among ten cases.

arrest warrants for Russia's chief of the General Staff Valery Gerasimov, and former defence minister Sergei Shoigu. Warrants were issued for the alleged war crimes of directing attacks at civilian objects and causing excessive incidental harm to civilians, as well as the crime against humanity of «inhumane acts» in Ukraine, the ICC said in a statement. ICC judges said there were «reasonable grounds to believe that the two suspects bear responsibility for missile strikes carried out by the Russian armed forces against the Ukrainian electric infrastructure from at least 10 October 2022 until at least 9 March 2023.»

Mint. An email sent to Khaitan seeking comment went unanswered. Shareholders at other large Indian companies have also been voicing their displeasure in recent times, such as when Wipro sought to award former chief executive Thierry Delaporte a ₹36 crore cash severance last month.

OYO on Monday announced the opening of its first luxury hotel in Dubai — Palette Royal Reflections Hotel and Spa — as the IPO-bound unicorn eyes strengthening its premium property portfolio globally. The company expects the number of Indian tourists to grow significantly in 2024 after Dubai relaxed visa policy for them earlier this year. «OYO is expecting more than 1 lakh Indian tourists to visit Dubai this year. Dubai has long been a favourite destination for Indian travellers, thanks to its luxury shopping, stunning architecture, and vibrant culture. The launch comes as the emirate prepares to welcome a record number of Indian tourists in 2024,» OYO stated. The initiative is part of OYO's ongoing efforts to strengthen its premium property footprints across the world, including the Middle East.

UFC fight night is taking place in Saudi Arabia on Saturday as part of UFC International Fight Week. The main event features Ikram Aliskerov and former UFC middleweight champion Robert Whittaker, as per a report on CBSSports. UFC fight night in Saudi Arabia is taking place on June 22 at Kingdom Arena, Riyadh. The main card will kick start at 3 pm (ET). The event will be live telecast on ESPN+ in the US.